Markets Are Lower

F1 car crashREUTERS/Paul HackettLotus F1 team driver Pastor Maldonado goes off the track after colliding with Sauber driver Esteban Guitiererrez during the British Grand Prix at the Silverstone Race Circuit, central England, July 6, 2014.

The market is open after a long holiday weekend, and stocks are lower.

The Dow is down 54 points, the S&P 500 is down 8 points, and the Nasdaq is down 30 points.

The yield on the U.S. Ten-Year Treasury is 2.61% and the yield on a two-year note is 0.51%.

There were no major economic data releases this morning.

Over the weekend, Let’s Gowex, a Spanish company that provided free wifi services, filed for involuntary insolvency. The company’s announcement followed a report from Gotham City Research, an independent research firm that said the company’s revenues were fictitious.

Shares of other companies that Gotham has published research on, including Ebix, Tile Shop, and Blucora, were also lower following the news.

Among the biggest decliners today are shares of GT Advanced Technologies, down about 13% after analysts at UBS and Canaccord downgraded the stock. GT Advanced appeared on our most shorted stocks list published last week.

Alcoa is set to report earnings tomorrow after the close, marking the unofficial start of corporate earnings season.

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